Phase Change Materials Market - Forecast(2021 - 2026)

 Phase Change Materials Market Overview:

According to the International Energy Organization (IEA), heat attributes to the largest energy end-use that accounts for more than 50% of the total energy consumption. Moreover, global energy usage has in 2018 was gauged to twice than that in 2010. With the increasing consumption of energy and the foreseeable requirement for the future, it has become imperative for the world to find solutions in order to save or store the energy that is liberated in various operations. This is creating a myriad of opportunities for the vendors in the phase change materials market that had a market size of $520 million as of 2018. Furthermore, the anticipated demand for energy storage in several sectors will lead to an augmented demand for phase change materials, and this demand is projected to increase with a substantial compound annual growth rate (CAGR) of 19% during the forecast period of 2019 to 2025.

The International Finance Corporation (IFC) estimates that Europe in association with Central Asia will be installing 31.1 GW of new energy storage capacity by 2025, and 2.3 GW was already estimated in 2016. While this is creating a significant surge in the sales of phase change materials in Europe, the fact that Europe is also one of the dominating regions in the HVAC market is further flourishing the phase change materials market in the region. Europe was the largest regional marketplace for phase change materials with a market share of 33% in 2018.

Phase Change Materials Market Outlook:

Phase change materials that include organic paraffin or carbohydrates and inorganic salt hydrates have a high heat of fusion and can store latent heat. These materials find applications in building & construction, energy storage, HVAC, and shipping & transportation.

Due to a tangible growth in the building and construction sector across the globe, the key application of phase change materials is found to be in the same, which is estimated to grow with a steady CAGR of 5% through to 2025.

Phase Change Materials Market Growth Drivers:

·         The Catapulting Construction Growth Across the Globe –

According to the Global Alliance for Buildings and Construction, the global buildings and construction industry accounts for 36% of global final energy use, and the progression to achieve the sustainable development goals (SDGs) of the United Nations (UN) will lead to more construction, and the energy intensity per square meter in the buildings will need to improve by 30% by 2030. In order to suffice the energy requirement and increase efficiency, it will be necessary to use phase change materials to store some of the energy that is used during the construction. The growth in the buildings and construction sector coupled with the demand for energy storage will largely support the phase change materials market.

·         The Increasing Shipping & Transportation of Food Products 

There is a growth in shipping & transportation of food products that are required to be stored in the cold temperatures, which is raising the demand for phase change materials that can maintain the package temperature by changing their phase from liquid to solid and vice versa when required.

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